It is similar to general partnership but with more benefits.
LLP can be said as a hybrid of private company and partnership, because of it’s features like :
- Legal recognition
- Association of two or more persons
- Separate legal entity
- Can own property on it’s name
- Can sue or can be sued by others
- And my other benefits and privileges provided by laws.
All the above features makes it attractive to the entrepreneurs, who does not have large funds to invest in start-ups.